Even though Singapore is heavily reliant on foreign trade, the country's economic growth prospects are encouraging, in light of recovering global economies. The country saw economic growth of 4.9 percent in the first quarter of 2014, year-on-year, which out-stripped estimates and impacts the buying power of the local populations.
This is according to a study by Campaign Asia-Pacific and Nielsen. Singapore's manufacturing sector also saw solid annualized growth of 9.8 percent in the first quarter, and should continue to play a key role in the country's economic performance throughout the year.
According to a statement by Campaign Asia-Pacific, Singaporeans' confidence in the local economy, job prospects and personal finances have shown further signs of strengthening in recent quarters - a noticeable improvement on recent years, due to the country's close ties with global markets.
Top brands in Singapore
The study also highlighted the top brand names in Singapore-the first of the market-focused rankings in Campaign Asia-Pacific's Top 1000 Brands study.
The review also details which brands captured the most esteem in Singapore, which enjoys one of the world's highest GDP per capita in Asia.
According to the company's media statement, digital media plays an increasingly important role for delivering news and information to Singaporeans. The rising ownership of connected devices such as smartphones and tablets in the city is a major factor the report shows.
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